The Fed's asset buying policy has been a crucial factor underpinning investor risk appetite and supporting global equities, so the more hawkish Fed minutes unnerved financial markets on Thursday, driving benchmark US Treasury yields up to a near eight-month high and weighing on equities and oil, while bolstering the dollar.

PM economic advisory panel head Rangarajan said that he expects FY13 growth at 5.5-6.0 percent

Additionally, Reserve Bank Governor D Subbarao said there is a need to preserve the independence of central banks as their mandate has expanded in recent times.

"The issue of monetary policy independence has acquired greater potency following the expansion of mandates of central banks and their more explicit pursuit of real sector targets such as growth and unemployment," he said.

Stocks in news

DLF opened 1.45 percent down after the Competition Commission of India has passed an order modifying theagreement between the company and the buyers of its apartments.

Kingfisher Airlines opened down 0.20 percent after Airports Authority of India warned the company that it will start taking away space allocated to the airline at airports across the country if it fails to submit a "functional" revival plan by mid-January.